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January 11, 2021

Important Items of Note for Myrtle Beach Area Businesses and Employees 

COVID-19 Emergency Relief Package

Note: The PPP program ended May 31, 2021. Existing borrowers may be eligible for loan forgiveness.


New borrowers can submit your application beginning Jan. 11, though lender availability is limited. If you have already exhausted your first PPP loan, the loan process for your second draw will be available beginning Jan. 13.

First Draw Borrower Application (Updated 1/8/21)
Second Draw Borrower Application (Released 1/8/21)


The package includes over $284 billion for first and second forgivable PPP loans. The package extends PPP through March 31, 2021. The PPP will continue to be managed by the U.S. Small Business Administration (SBA), and loans will once again be secured through an SBA-approved bank, credit union or fintech. Here is a list of participating lenders.

Changes to the PPP include:

  • Clarifies that businesses can claim deductions on costs paid for with PPP funds;
  • Provides a second PPP forgivable loan for businesses with 300 or fewer employees that can demonstrate a loss of 25 percent of gross receipts in any 2020 quarter when compared to the same quarter in 2019;
    • Note: The first round of PPP was applicable to businesses with 500 or fewer employees. Second round PPP loans are capped at 300;
  • Allows small businesses in the restaurant and hospitality industries to receive larger awards of 3.5 times average total monthly payroll;
    • Note: The first round of PPP loans was applicable to only 2.5 times average total monthly payroll;
  • Adds eligible expenses, including:
    • Personal Protective Equipment;
    • Costs associated with outdoor dining;
      • Tents;
      • Heaters;
      • Outdoor furniture;
      • Supplier costs;
  • Simplifies the forgiveness process for loans of $150k or less;
  • Repeals the requirement of deducting an EIDL Advance from the PPP forgiveness.


The package includes $20 billion for EIDL Advance grants. Businesses are eligible to receive up to $10,000 in EIDL funding. Any previous EIDL Advance recipients are also eligible to receive the full $10,000 if their award was less in the first round of grants. 


This proposal provides an additional $300/week for all workers receiving state unemployment benefits, through March 14, 2021. The bill also expands eligibility for the additional $300/week to self-employed, gig workers and others in nontraditional employment. Further, the bill increases the maximum number of weeks an individual may claim benefits through regular state unemployment + the federal addition to 50 weeks. Lastly, the bill provides an extra benefit of $100/week for certain workers who have both wage and self-employment income but whose base (state) UI benefit calculation doesn’t take their self-employment into account. 


The package includes an additional round of Economic Impact Payments of $600 for individuals making up to $75,000/year and $1,200 for couples making up to $150,000/year, as well as a $600 payment for each child dependent. A family of four could receive $2,400 in direct payments. 


The legislation provides for $15 billion in SBA grants of up to $10 million to be set aside for live venues, independent movie theaters and cultural institutions. Grants can be used to cover payroll costs, rent, utilities and PPE. 


The package includes $10 billion in child care assistance through the Child Care and Developmental Block Grant (CCDBG) program. These funds can be used to provide child care assistance to families and help child care providers cover their increased costs. The $10 billion will be provided to states for states to administer child care assistance. 
While not directly child care related, we wanted to point out that the package expands the earned income tax credit and the child tax credit to make available to people who lost their jobs. 


The CDC eviction moratorium was poised to sunset at the end of the year. This package extends the moratorium by a month – through Jan. 31, 2021. The bill also includes $25 billion in rental assistance for families struggling to afford housing. 


Pushed by Sen. Tim Scott, as well as the National Restaurant Association, this provision will allow businesses to write-off 100 percent of business meals. Currently, businesses can write off 50 percent. Sen. Scott, one of the top supporters of this section, believes this provision will help incentivize more business meals to support local restaurants. 


The package extends and expands the refundable Employee Retention Tax Credit, established under the CARES Act. This may give employers an additional incentive to keep people employed as business slows or PPP dries up. 


The package includes $69 billion to assist with the distribution of the COVID-19 vaccine as well as testing efforts. Broken down, the package includes $20 billion to purchase vaccines, $9 billion for distribution and logistics and $22 billion for state assistance with testing, tracing and mitigation.

Additional Resources




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